(a) Each year, the Commission shall certify to the State Comptroller:
(1) On or before July 31 and November 30 one-fourth of the amount it calculates to be the State share under § 16-305 of this subtitle for each board of trustees;
(2) On or before March 31 one-half of the amount it calculates to be the State share under § 16-305 of this subtitle for each board of trustees; and
(3) After the annual audit of each community college, any discrepancy between the payments made and the actual State share under § 16-305 of this subtitle for the preceding fiscal year, which shall be compensated for in the November payment.
(b) Within 5 days after the State Comptroller receives a certification from the Commission, the State Comptroller shall draw a warrant on the State Treasurer for the amount due each board of trustees. The State Treasurer immediately shall pay the amount due to the board of trustees of the community college.